Co-op sells underwriting business for £185m

Co-op Group Limited (Co-op) has sold its underwriting business for £185m to insurance firm Markerstudy Group, commencing a 13-year partnership to “provide home and motor insurance products” under the Co-op brand.  

In a statement, Co-op CEO Steve Murrells revealed that the company had always been clear of its intention to “significantly grow its insurance footprint”.

According to Murrells the completion of the deal and partnership has enabled the company to deliver upon “ambitious expansion plans” and to meet more of its “members insurance needs”.

As a result of this agreement, Markerstudy’s customer numbers will now increase by 1.3 million, and its GWP will be raised by over £500m. 

Kevin Spencer, Group CEO of Markerstudy said: “This is our biggest acquisition to date and provides us with an unparalleled opportunity for growth. 

“The 13-year agreement gives us access to the Co-op’s 4.6 million active members who will benefit from our investment in technology, underwriting expertise and sophisticated product development.”

He added:”I am delighted to have concluded the deal this side of Christmas. It’s wonderful to have positive news to share with our loyal staff after.”

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